Datametrex signs partnership with carbon credit broker. 2023-05-24 14:35 ET - News Release
Mr. Marshall Gunter reports
DM EVS ANNOUNCES NEW PARTNERSHIP WITH REWATT POWER
Datametrex AI Ltd.'s wholly owned subsidiary, Datametrex Electric Vehicle Solutions Inc. (DM EVS), has signed a partnership agreement with Rewatt Power, a company that aggregates and brokers carbon credits. Rewatt is based in Calgary, Alta., and the agreement was executed on May 11, 2023.
This collaboration empowers DM EVS to accrue the federal clean fuel regulation (CFR) credit, a Canada-wide government incentive credit and the low-carbon fuel standard (LCFS) credit, which is British Columbia-based only. This permits the company to maximize on the financial incentive benefits of the government carbon markets, while also optimizing its business and increasing profitability while DM EVS deploys its EV (electrical vehicle) charging services throughout the B.C. market.
Rewatt accelerates the transition to zero-carbon energy for the Canadian and B.C. EV markets by introducing clean-fuel compliance credits. Clean-fuel compliance credits are financial permits to emit one tonne of carbon emissions. They are regulated by the federal government of Canada and the B.C. provincial government. By supplying EVs with electricity, network operators generate clean-fuel credits by replacing fossil fuels.
Collaborating with Rewatt allows DM EVS to expand its EV charging network. Rewatt's platform allows EV companies to get paid for each charge, powered by carbon tax credits. This allows DM EVS to build more EV charging stations and charge more EVs while maximizing its earnings. Rewatt enables DM EVS to take advantage and maximize on the government carbon incentives and get rewarded by producing more earnings from clean-fuel compliance credits.
Rewatt simplifies the process to earn from clean fuel credits.
"We are excited about our partnership with Rewatt Power, as it enables us to leverage the competitive carbon credit market and maximize our access to government financial incentives. This collaboration empowers us to expand our electric vehicle (EV) systems, enhance our earnings and make a significant contribution to Canada's efforts in reducing its carbon footprint. We are thrilled to embark on this partnership, which will further accelerate and strengthen our EV operations," said Marshall Gunter, chief executive officer of the company.
Overview of terms and conditions:
- Obligation:
- In its capacity as a charging network operator (CNO), DM EVS shall have the exclusive right to the entirety of the revenue derived from CFR and BC LCFS credits generated through the operation of all EV charging stations and chargers under DM EVS management. Rewatt Power, on the other hand, will oversee and contribute to the revenue generated from CFR and BCLCFS credits through the Rewatt Power Platform.
- Initial term:
- The initial term shall commence on the effective date and extend until the completion of two transactions or the passage of a minimum of 24 months from the effective date. Subsequently, the agreement will be subject to automatic renewal.
About Datametrex Electric Vehicle Solutions Inc. (DM EVS)
DM EVS is trailblazing the electric vehicle (EV) industry with its leading-edge mobile charging units and proprietary mobile application. DM EVS provides solutions for drivers facing electric vehicle charging issues with its mobile charging unit which includes 24/seven roadside assistance, quick charging on the go, and preventing potential delays and issues in the future with its AI technology. The fixed AC charging system uses power resources efficiently through the dynamic load balancing function using Bluetooth technology, significantly improving cost and time to charge. DM EVS is the exclusive Canadian partner of EVAR (Electric Vehicle Advanced Recharging Inc.), a spin-off company from Samsung Electronics C-Lab.
About Datametrex AI Ltd.
Datametrex AI is a technology-focused company with exposure to artificial intelligence, machine learning and telehealth, and has recently entered the electric vehicle (EV) market. Datametrex's mission is to provide tools and solutions that support companies in fulfilling their operational goals, including health and safety, with predictive and preventive technologies. By working with companies to set a new standard of protocols through artificial intelligence and health diagnostics, the company provides progressive solutions to support the supply chain.